Author: Ross Nicoll 2015-06-26 19:18:07
Published on: 2015-06-26T19:18:07+00:00
The author argues that when there are more transactions than the Bitcoin network can handle, there are two significant risks: people not wanting to pay transaction fees and the network being considered unreliable. The author believes that the current demand for Bitcoin cannot be used to model future demand because the main chain is inadequate as a global clearance network. The author suggests that Bitcoin needs larger blocks to be used across a wider portion of the world's population and to enable other technologies to perform scaling. The author also finds it frustrating that people suggest Greece or other large groups should adopt Bitcoin without adequate support. In response to another participant suggesting there may not be a need to increase block size, the author argues that Bitcoin provides utility at any block size but still requires larger blocks to scale. The author concludes that the market will either live with high variability in confirmation times or see a change in how Bitcoin is used.
Updated on: 2023-06-10T01:06:29.244328+00:00